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  • BY: Andrew Hore |
  • POSTED: 02/07/2008 |

Marco Pierre White has sold his Conival shares.

Conival started out as a shell company. It joined Aim on 11 August 2004 at 3p a share. A £2.92m placing at 10p a share in January 2005 provided working capital for the acquisition of Portfolio Products. Portfolio cost £11m in shares and holds the rights to celebrity food brands, such as Marco Pierre White and Jean Christophe Novelli.

Marco Pierre White received 23m shares as part of the acquisition of Portfolio Products. He sold these shares at the beginning of July. No selling price was mentioned but they were trading at 1.03p – a bid/offer spread of 0.95p-1.1p.

The sale coincides with the launch of his new ITV series, ‘Marco’s Great British Feast’.

Conival has succeeded in getting branded food products into the shops but progress has been slow. The Glorious! Marco Pierre White ranges of desserts and gourmet soups are being added to the shelves at stores such as Sainsbury’s, Morrison, Waitrose and Selfridges. 

Conival lost £1.24m on revenues of £351,000 in the six months to December 2007. Corvus Capital has converted a loan of £1.075m into 55m shares and immediately sold them. Corvus was involved in starting up Conival and was a major shareholder in Portfolio Products.

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